Chargeup partners with NBFCs to enable INR 50 crore EV financing for last-mile drivers • EVreporter

Chargeup, a driver-focused platform for EV financing and asset management, has entered into strategic partnerships with Mega Corporation Limited and Shivakari Finance. The collaboration targets a combined credit line of INR 50 crore, aimed at supporting the deployment of 4,000 commercial electric vehicles (EVs) over the next 12 months.

The initiative aims to expand access to EV financing for last-mile drivers and support the adoption of electric vehicles. Chargeup’s platform collects data on driver and battery usage to support asset management and reduce credit risk, with the objective of facilitating loan disbursements and improving the use of financed assets.

Addressing the challenges in the EV financing landscape,Varun Goenka, Founder & CEO of Chargeup, said,“EV financing in India has historically posed high risk for lenders, especially NBFCs, due to a combination of factors: an unstructured resale market, uncertain battery performance, and borrowers with low or no credit history. These risks often result in higher NPAs and limited loan approvals—ultimately hampering EV adoption at the grassroots level.”

Chargeup is addressing these challenges through its data-driven technology platform. According to the company, it has supported over 8,000 drivers in acquiring electric vehicles and facilitated loan disbursements amounting to INR 8.64 crore in partnership with Ascend, a non-banking financial company (NBFC).

Speaking on the partnership, Joydeep Dutta, Vice President & Business Head of Mega Corporation, said, “As an NBFC, EV financing was not a part of our portfolio. With Chargeup’s platform play, we got an instant go-to-market opportunity into the EV domain—giving us the tech, trust and speed, to scale fast in an untapped market.”

“After partnering with Chargeup, we have transitioned from financing e-rickshaws to i-rickshaws. With their tech-first approach, from digital underwriting to real-time tracking, they have simplified our operations, made the asset more secure and significantly reduced the NPAs,” added Nandita Monga, Vice President, Shivakari Finance.

Chargeup plans to expand its EV financing network with lenders and fleet operators, focusing on drivers with limited credit history.

Also read: Chargeup raises $7 million in Pre-Series A1led by Capital-A and Anicut Capital